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Saturday, July 17, 2004

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CORPORATE

CORPORATE DISPUTES
New light on line of succession
EVEN if the will of the late Priyamvada Birla, the widow of M.P. Birla, is proved to be defective and thrown out by the courts, the rest of the Birla clan may not have much to cheer, going by the succession tangle that would inevitably follow, ... More

Birla families not to buy M.P. Birla's Pilani stake
THE Birlas on Friday said that none of the families want to buy the M.P. Birla family's 25 per cent stake in Pilani Investments, a holding company that owns shares in several concerns of the group. A statement issued here on behalf of the ... More

Birlas want proper valuation of assets
THE Birlas feel that there should be a proper valuation of the assets and property of the M P Birla Group of Companies. "A proper valuation is important in view of various figures being quoted in newspapers about the value of the M P Birla Group ... More

Board meet on July 20 may decide on Birla Corp Chairman
THE Chairmanship of the Rs 1,200-crore Birla Corporation Ltd may not come easily to Mr R.S. Lodha, despite being the co-Chairman of the company for quite some time now. Sources in the Birla group said that already a lot of behind-the-scenes ... More

CA Institute keenly watching Birla-Lodha developments
THE Institute of Chartered Accountants of India is keeping a close watch on the developments regarding the Birla-Lodha tussle. The Institute's President, Mr Sunil Goyal, said on Friday that it would take a view on whether or not there was any ... More

OVERSEAS BORROWINGS
Orchid Chemicals suspends $75-m FCCB issue
ORCHID Chemicals & Pharmaceuticals has decided to suspend its proposed $75-million Foreign Currency Convertible Bond (FCCB) issue on the heels of uncertainty in the global capital markets. Orchid's Deputy Managing Director, Dr C. Bhaktavatsala .. More

COMPANY LAW
Few takers for exit scheme for defunct cos
WITH the Simplified Exit Scheme 2003 introduced by the Ministry of Company Affairs luring very few takers, the Ministry has now asked the Institute of Company Secretaries of India (ICSI) to suggest further simplification of procedures to be ... More

AWARDS & HONOURS

  • Management award

    ACCOUNTANCY
    ICAI seeks amendment of CA Act
    THE Institute of Chartered Accountants of India wants to be allowed to conduct training classes abroad. It has sought the Government's help to amend the CA Act to enable this. This was disclosed here on Friday by the institute's President, Mr ... More

    MERGERS & ACQUISITIONS
    Jindal Stainless to acquire cold-rolling mill
    JINDAL Stainless Ltd is all set to acquire a cold-rolling mill in a neighbouring country to supplement its existing capacity, according to a company release. The company currently has hot-rolling capacity of seven lakh tonnes and cold-rolling ... More

    Floatels India takes over Manacaud Hotel
    FLOATELS India Pvt Ltd, which owns the Poovar Island Resort near Thiruvananthapuram, is in an expansion mode. The company has taken over the Manacaud Manor Hotel located on Thiruvananthapuram's arterial Mahatma Gandhi Road and is also in the ... More

    CORPORATE GOVERNANCE
    Kanoria Chem scores well on Crisil governance rating
    CRISIL has assigned "CRISIL GVC Level 3" rating to Kanoria Chemicals & Industries Ltd. The governance and value creation (GVC) rating indicates that the company's capability with respect to creating wealth for all stakeholders, while adopting ... More

    NEW PROJECTS
    Gujarat Ambuja adds 1 mt to capacity
    GUJARAT Ambuja Cements Ltd (GACL) has added one million tonnes of fresh capacity at its facility in Ropar, Punjab, bringing its total production capacity to 14.5 million tonnes. The expansion is aimed at strengthening GACL's presence in the ... More

    Rain Calcining plans $29-m expansion programme — To set up greenfield project in Kuwait
    RAIN Calcining Ltd (RCL), the Hyderabad-based Rs 333-crore calcined petroleum coke and power producer, has drawn up major growth plans involving a total capital outlay of $29 million which includes setting up a greenfield project in Kuwait and ... More

    Dabur Foods' pulp processing plant to go on stream by Sept — Sees 10% savings on fruit procurement
    DABUR Foods' fruit pulp processing plant at Siliguri is expected to become operational from September and it will result in at least 10 per cent cost savings on account of fruit procurement. Also, Dabur Foods is expecting some benefit to ... More

    REGULATORY BODIES & RULINGS
    Accessing capital market — Malegam panel moots tougher norms
    A PROMOTER or director of a company debarred from accessing the capital market is likely to carry that stigma over to any other company that they may join. Companies whose promoters and directors have a previous record of restricted access to ... More

    TRADE & LABOUR UNIONS
    Benz strike `a pointer to hard times' for German labour
    THE strike at Mercedes Benz plants — Germany's prestigious and largest luxury car manufacturer - has raised many eyebrows in European business and financial circles, as Germany's current labour problems look compounded and more ... More

    IPOS
    NTPC offering may be delayed beyond August
    THE Disinvestment Department will start consultation process next week for clubbing the offer for sale of 5.25 per cent of the Government's equity in National Thermal Power Corporation (NTPC) with the initial public offering (IPO) proposed by the ... More

    SICK UNITS
    Pennar Steel okays revamp scheme
    HYDERABAD: The board of Pennar Steel Ltd (PSL), the city-based ailing company, at its meeting here on Thursday has approved a draft scheme for reconstruction and arrangement with regard to equity and preference capital. The scheme includes ... More

    OUTLOOK
    AstraZeneca has big plans for India
    ASTRAZENECA Plc plans to increase its business commitment in India, especially in view of the impending changes in the Indian patent laws that would bring them in line with developed countries, according to its Chairman, Mr Percy Barnevik. Mr ... More

    Tata Motors confident of higher Sumo sales
    THOUGH the Multi Utility Vehicle (MUV) segment is getting crowded with the entry of newer players, Tata Motors Ltd (TML) is confident of sustaining its leadership position in the segment and posting higher sales this year compared to last year, ... More

    TAPS draws up plans to expand; eyes global markets
    FROM being an auto component supplier, TAPS (Tata Auto Plastic Systems), an operating subsidy of the Tata group, is now poised to assume the role of system supplier in the domestic market and component supplier in the export markets. Speaking ... More

    PEOPLE
    Whirlpool shifts Raj Jain to China
    IN keeping with the company's trend of a churning every three years, Whirlpool of India Ltd, the Indian arm of home appliances major Whirlpool Corporation, US, is set to see a change of guard at the helm. Mr Raj Jain, Managing Director, ... More

    TRENDS
    Lupin to close down S. African subsidiary
    INDIA'S tuberculosis drug maker Lupin Ltd is in the process of winding up its 60 per cent subsidiary in South Africa. The subsidiary, Lupin Laboratories South Africa (Pty) Ltd, is essentially a marketing outfit. It was started seven years ago ... More


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    Top Stories
    Clarification on transaction tax on Monday


    AstraZeneca has big plans for India

    Rain Calcining plans $29-m expansion programme — To set up greenfield project in Kuwait

    Mid-caps back in vogue

    Rescheduling of farm loans to lift credit offtake

    A yen for correction spells orders for KG Info unit

    As domestic, global price band widens — Rubber imports under OGL could turn viable

    NDTV stages turnaround, posts net profit of Rs 7.63 cr

    Looking back
    Jul. 4-Jul. 10
    `Sensex may touch 7,000-mark in six months'

    Maruti hopes to cross half-million mark this year


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